1. State the three reasons indicating the need for development. 2. Differentiate the between national income and per capital income. 3. What are the indicator of economic development? 4. What is final goods? Give one example.
1 thought on “1. State the three reasons indicating the need for development.<br />2. Differentiate the between national income and per capital”
Answer:
1 Though the national income and the per capita income are the indicators of human development, but it includes many other elements like consumption, health, environment, education, freedom, security, non-violent atmosphere, etc.
2 National Income : Is the total value a country’s final output of all new goods and services produced in one year. Per capita Income : When the total National Income is divided by the total population,It is called Per capita Imcome.It is the average income of an average person in that country.
3 Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year. Gross National Product (GNP) measures the total economic output of a country, including earnings from foreign investments. GNP per capita is a country’s GNP divided by its population. (Per capita means per person.)
4 A final goods or consumer goods is a commodity that is used by the consumer to satisfy current wants or needs, unlike intermediate goods which is utilized to produce another goods. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods
Answer:
1 Though the national income and the per capita income are the indicators of human development, but it includes many other elements like consumption, health, environment, education, freedom, security, non-violent atmosphere, etc.
2 National Income : Is the total value a country’s final output of all new goods and services produced in one year. Per capita Income : When the total National Income is divided by the total population,It is called Per capita Imcome.It is the average income of an average person in that country.
3 Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year. Gross National Product (GNP) measures the total economic output of a country, including earnings from foreign investments. GNP per capita is a country’s GNP divided by its population. (Per capita means per person.)
4 A final goods or consumer goods is a commodity that is used by the consumer to satisfy current wants or needs, unlike intermediate goods which is utilized to produce another goods. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods
Explanation: